122-4-04
Priorities where bonds have no effective confirmation.

In the event that the aggregate amount of all effective
confirmations issued by the director under this chapter (including
confirmations of carryforward amounts made after the years in which the
allocation was first available) does not exhaust the state ceiling for that
year, notwithstanding any other provision of this chapter, the balance of the
state ceiling for that year in excess of such aggregate amount is allocated, to
the extent permitted by the Internal Revenue Code and except as otherwise
provided by an act of the general assembly, to all other restricted bonds
issued within the state during the year at issue in the order and amounts of
their issuance, notwithstanding that no effective confirmation exists with
respect to such bonds. There is no assurance that there will be any such
balance, and the select committee and director need not make provision for any
such balance.